Box Ships Inc · OTC:TEUFF
Box Ships — Investor Presentation (December 2014)
15 slides from Box Ships's investor presentation, Dec 19, 2014
Slide 1: Investor Presentation December 2014
ag Box Ships Inc. ming for Excellence Investor Presentation December 2014
Slide 2: Disclosures and Forward Looking Statements
Disclosures and Forward Looking Statements BED 20% ships ne This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Act. All statements, other than statements of historical facts, that address activities, events or deve
Slide 3: Company Overview
Company Overview BEX 22x sigs ne “© Box Ships Inc. - NYSE: TEU © Formed by Paragon Shipping Inc. (NASDAQ: PRGN) to invest in the containership industry. © Paragon Shipping and CEO own approximately 11.0% and 16.6%! of the Company, respectively. ~ Strong Management Team with over 79 years collective
Slide 4: Container Shipping - Fastest Growing Sector of International Shipping
Container Shipping - Fastest Growing Sector of International Shipping £3 Box Ships inc. Overview of Container Shipping Growth of World Seaborne Trade © Provides economical transportation of broad range of goods 2000 cots 2013 Container: 607mm tons (7.4% CAGR! 1,532mm tons (from electronics to vehicl
Slide 5: Quarterly Highlights & Recent Developments
Quarterly Highlights & Recent Developments KEI 0. ships inc © Adjusted' T/C revenues of $12.9m eS Adjusted* TCE of $14,748 per day © Adjusted* EBITDA of $6.3m © Adjusted? Net Income of $0.7m eo Agreed with last remaining lender to waive certain covenants and amend the loan repayment profile through
Slide 6: A Young Fleet With A Diversified Portfolio of Charterers
A Young Fleet With A Diversified Portfolio of Charterers = £22 2xxsnips nc © 41% fixed days for 2015 and an average remaining charter term of 8 months Charter Overview Capacity Charter Remaining Vessel Year Built (ru) Charterer Rate ve Term? ($/Day) 2014 2015 2016 Box Queen 2006 A546 4gar 7.000 20 d
Slide 7: Debt Amendment
Debt Amendment EEX 2x sige ne ‘© $6.4m gain from debt extinguishment © $10.0m and $6.5m cash savings for 2015 and 2016, respectively, from reduced debt amortization ® Cash Flow Break-Even improved significantly through 2016, giving the Company enough liquidity for at least the next two years Before
Slide 8: Moderate Leverage and Trading Below NAV
Moderate Leverage and Trading Below NAV KEI 20x sips ne Net Asset Value and Leverage Ratio + $m $ per share Cash (incl. Restricted Cash) $11.2 $0.36 Charter Free Fleet Valuation $201.6 $6.48 Other Current Assets $7.9 $0.25 Non-current Assets (excl. intangibles) $1.0 $0.03 Total Debt ($135.0) ($4.3)
Slide 9: Market fundamentals
Market fundamentals BEI 22x sips ne. Shanghai Containerized Freight Index 1,700 1,500 1,300 1,100 200 700 | 8 8 g 3 a a q gq q a s a 3 é 3 z 3 z 3 2 3 z 3 cy 3 s 3 8 3 8 3 8 3 8 3 Secondhand Vessel Prices - 3,500 TEU (5 yr) 6-12 Months Timecharter Rates 70 10-year Historical Average: $38.8m 20,000 1
Slide 10: Lowest Idle Fleet In Two Years
Lowest Idle Fleet In Two Years EEX box snips ne. Idle Fleet as % of Global Container Fleet YD OA DY DOK DY PO HHP DP MPH A HY PSL PY FFF EERE ECS SE ES ESE ES SF FEE Ss re s Le LS LS Ra Ra Ra Rl Ra Ra Ro Ra Ra Ra Roa Roa Ra Ra Ra Ra ra Ra Ra Ra & —2013 20 Vessel Deliveries Current Fleet vs Orderbook
Slide 11: Financial Review
Financial Review S| Box Ships Inc. Average number of vessels 9.0 9.0 0.0% 9.0 9.0 0.0% Average Time Charter Equivalent rate, adjusted 22,613 14,748] -34.8% 22,653 16,934] -25.2% Time Charter Revenues, adjusted a2 19,682 12,922 | -34.3% 58,091 42,746] -26.4% EBITDA, adjusted a 12,910 6,306] -51.2% 36
Slide 12: Operating Performance
Operating Performance BEX 22x snips ne. (Expressed in thousands of U.S. Dollers, except fleet date and daily results) Q3_2013 Q3_2014 9M_2013 9M_2014 Average number of vessels 9.0 9.0 9.0 9.0 Operating days for fleet 828 827 2,425 2,399 Calendar days for fleet 828 828 2,457 2,457 Fleet utilization 1
Slide 13: Key Take-Aways
S| Box Ships Inc. Key Take-Aways & Well-positioned in the mid-size segment of the containership market © 41% fixed days for 2015 and an average remaining charter term of 8 months eS High-quality fleet with an average age of 9.9 years and solid operating performance & Successfully amended all loan fa
Slide 14: Appendix
KEI b0xships inc. Appendix i I Hite Investor Relations /Media: Company: Allen & Caron Inc. Box Ships Inc. Michael Mason (Investors) Robert Perri, CFA Tel: (212) 691-8087 Chief Financial Officer Email: michaelm@allencaron.com 15 Karamanli Ave. Len Hall (Media) GR 166 73, Voula, Greece Tel: (949) 474-
Slide 15: Dry-dock and non-cash items schedule
KAI 0x Ships Inc. Dry-dock and non-cash items schedule © Dry-docking Schedule for 2015 TEU Maule 6,589 Q2 2015 18 Box Voyager 3,426 Q3 2015 18 Box Trader 3,426 Q3 2015 18 OOCL Hong Kong 5,344 Q4 2015 18 © Non-cash items needed to derive Adjusted Net Income from US GAAP Net Income ?: in millions Q114